MORTGAGE CENTRAL

   GEORGIA DREAM NSP ASSISTANCE

The GA Dream NSP Purchase Program must be used with a fixed rate FHA or VA  mortgage; cannot be conventional financing.  NSP Funds may be used for rehabilitation and down payment assistance.

The loan amount is $14,000 and will be a second mortgage lien closed with a DCA approved Lender's first mortgage.  The interest rate for the Georgia Dream NSP Loan is 0% per annun.

The purchase discount must be at least 15% from the current market appraised value of the home or property determined by the required appraisal. to bring the property up to Housing Quality Standards (HQS).  Any remaining funds must be used for down payment assistance.  If repairs are not needed or are not made a part of the financing, the entire $14,000 must be used for down payment assistance.

All eligible properties must have been foreclosed and vacant.

Manufactured Homes are not eligible.

NSP Funds can be used for (1)Repairs, (2)Rehab, and (3)Down payment Only.

NSP Funds can NOT be used for Closing Costs, Discount Points and Prepaids.

Borrower must occupy the property as their primary residence.

Borrower is required to complete eight (8) hrs of Home Education provided by a HUD approved housing counseling agency. 

Applicants are not required to be a First-Time Homebuyer.

We are an approved GA Dream participating Lender that may originate a Georgia Dream NSP Down Payment Loan.

For any questions, please email the correspondent Loan Consultant at jmarr91@yahoo.com

Contact me at: 201-256-3492

Fax info to: 206-984-9623